Cumulus Media firms $2 billion term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Dec. 18 - Cumulus Media Holdings Inc. set pricing on its $2,025,000,000 seven-year term loan at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, and widened the original issue discount to 99 from 991/2, according to a market source.

The loan still has a 1% Libor floor.

The company's $2,225,000,000 credit facility (B1/B+) also includes a $200 million five-year revolver.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing bank debt.

Cumulus is an Atlanta-based radio broadcaster.

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